The operator of a significant validator node on Terra is dissatisfied with the sequence of events that led to the chain’s demise. He hopes that it will be replaced by a whole new blockchain.
Permanent Shut Down Request
The wreckage of the Terra environment settles. The community determines the next move. According to the CEO of a validator runner in South Korea, the old Terra chain should permanently shut down.
Moreover, on his own behalf, Jiyun Kim, CEO of DSRV, a blockchain solutions company, authored an opinion piece. He described how the Terra team skirted the issue of ceasing block creation. Furthermore, this occurred as the price of LUNA plummeted and the Terra USD (UST) Stablecoin depegged. He’s now pushing Terra ecosystem validators to reject a hard fork in favor of a new community-driven blockchain.
On Terra, DSRV hosts a validator node with 9.36 percent on-chain voting power. Because its node had accumulated 14 billion LUNA worth roughly $1 million in LUNA by May 8, DSRV has suffered as much as any other investor. It now values at around $3 million.
On the other hand, the Terra Validator League did not take the decision to terminate the chain on May 12 lightly, according to Kim. The Terra Rebirth League became a new name.
He claimed, however, that the Terra team failed to send the required signal, claiming that the word “Confirm” was not used to really confirm with all validators that the chain should halt. This made him feel betrayed, according to him.
He claimed that the announcement they published made it appear that the chain restart initiates by the validator. He went on to say that they never used the term “confirm.”
On May 13, Terra founder Do Kwon recommended reassembling the chain and reducing the token supply to 1 billion LUNA. However, Kim appears to disagree with Kwon, writing in his post that reusing the Terra chain reduces the Terra chain’s internal value to zero.
The old Terra chain, according to Kim, should vanish permanently. To save the Lunatics, a whole new chain led by the community should create.
Additionally, there could be more to the tale, as Kim stated in his post that the community now controls the validator league. He gave the appearance of decentralization, which could safeguard the Terra team from additional legal entanglements. Moreover, he wondered if the project was planning for impending legal challenges, and if this could use to reduce their legal risk.
Lawsuit against Do Kwon
On May 14, Wu Blockchain said that a Singapore citizen has launched a lawsuit against Do Kwon on behalf of UST and LUNA investors. Kim stated that he wishes to save the neighborhood. However, because there are still legal concerns, there is no central coordinator in charge of victim support initiatives.
Furthermore, according to CoinGecko, on May 8, a sell-off of UST tokens triggered a panic. This caused the price of LUNA to plummet from $73 to a microscopic $0.000000999967 on May 13. UST is still depreciating against the dollar, trading at $0.16, while LUNA is almost worthless, trading at $0.00026619.